§ 143-143.21A. Purchase agreements; buyer cancellations.
§ 143‑143.21A. Purchaseagreements; buyer cancellations.
(a) A purchaseagreement for a manufactured home shall include all of the following:
(1) A description of themanufactured home and all accessories included in the purchase.
(2) The purchase price forthe home and all accessories.
(3) The amount ofdeposit or other payment toward or payment of the purchase price of themanufactured home and accessories that is made by the buyer.
(4) The date the retailpurchase agreement is signed.
(5) The estimated termsof financing the purchase, if any, including the estimated interest rate,number of years financed, and monthly payment.
(6) The buyer'ssignature.
(7) The dealer'ssignature.
(b) The purchaseagreement shall contain, in immediate proximity to the space reserved for thesignature of the buyer and in at least ten point, all upper‑case Gothictype, the following statement:
"I UNDERSTAND THAT I HAVETHE RIGHT TO CANCEL THIS PURCHASE BEFORE MIDNIGHT OF THE THIRD BUSINESS DAYAFTER THE DATE THAT I HAVE SIGNED THIS AGREEMENT. I UNDERSTAND THAT THISCANCELLATION MUST BE IN WRITING. IF I CANCEL THE PURCHASE AFTER THE THREE‑DAYPERIOD, I UNDERSTAND THAT THE DEALER MAY NOT HAVE ANY OBLIGATION TO GIVE MEBACK ALL OF THE MONEY THAT I PAID THE DEALER. I UNDERSTAND ANY CHANGE TO THETERMS OF THE PURCHASE AGREEMENT BY THE DEALER WILL CANCEL THIS AGREEMENT."
(c) At the time thedeposit or other payment toward or payment for the purchase price is receivedby the dealer, the dealer shall give the buyer a copy of the purchase agreementand a completed form in duplicate, captioned "Notice ofCancellation," which shall be attached to the purchase agreement, beeasily detachable, and explain the buyer's right to cancel the purchase and howthat right can be exercised.
(d) The dealer shallreturn the deposit or other payment toward or payment for the purchase price tothe buyer if the buyer cancels the purchase before midnight of the thirdbusiness day after the date the buyer signed the purchase agreement or if anyof the material terms of the purchase agreement are changed by the dealer. Tomake the cancellation effective, the buyer shall give the dealer written noticeof the buyer's cancellation of the purchase. The dealer shall return thedeposit or other payment toward or payment for the purchase price to the buyerwithin seven business days, or 15 business days when payment is by personalcheck, after receipt of the notice of cancellation or within three businessdays of any change by the dealer of the purchase agreement. For purposes ofthis section, "business day" means any day except Sunday and legalholidays. Each time the dealer gives the buyer a new set of financing terms,unless the financing terms are more favorable to the buyer, the buyer shall begiven another three‑day cancellation period. The dealer shall notcommence setup procedures until after the final three‑day cancellationperiod has expired.
(e) If the buyercancels the purchase after the three‑day cancellation period, but beforethe sale is completed, and if:
(1) The manufacturedhome is in the dealer's inventory, the dealer may retain from the deposit orother payment received from the buyer actual damages up to a maximum of tenpercent (10%) of the purchase price; or
(2) The manufacturedhome is specially ordered from the manufacturer for the buyer, the dealer mayretain actual damages up to the full amount of the buyer's deposit or otherpayment received from the buyer.
(f) Repealed bySession Laws 2005‑451, s. 5, effective April 1, 2006. (1993, c. 409, s. 7; 1999‑393,s. 1; 2003‑400, s. 7; 2005‑451, ss. 1, 5; 2006‑259, s. 24.5.)